RESP calculator

How much will it cost for my child(ren) to go to school?

Find out how much you need to save and understand how planned savings, including a registered educations saving plan (RESP), government grants and other contributions can help cover your child(ren)'s post-secondary education costs.

TELL US ABOUT YOUR CHILD'S INTENDED SCHOOLING:

TELL US ABOUT YOUR CHILD'S INTENDED SCHOOLING:

College Note: Changing this input will modify the dollar amount of the Cost of tuition and Cost of room and board inputs with new defaults.University Note: Changing this input will modify the dollar amount of the Cost of tuition and Cost of room and board inputs with new defaults.

Location of school: Note: Changing this input will modify the dollar amount of the Cost of tuition and Cost of room and board inputs with new defaults.

HOW CAN I MAKE THE MOST OF MY EDUCATION SAVINGS?

You may not always be able to contribute more, but there are ways to optimize your education savings. Consider these savings tips:

Save now. It’s never too early to start saving for your child(ren)'s education, and you can contribute to an RESP for up to 31 years – but federal government grants stop at age 17.

Get free money from the government. The Government of Canada will match 20 cents for every dollar you contribute, up to a maximum of $7,200 per child. By contributing to the limit you can take full advantage of this grant.

Review contributions yearly. Increasing your biweekly contribution by even $5 can be a real boost to your total savings.

A great gift idea. Consider encouraging family and friends to give RESP contributions as birthday and holiday gifts.

YOUR NEXT STEPS:

YOUR NEXT STEPS:

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The power of RESPs

Learn more about how you can take advantage of the benefits of RESPs to save for your child(ren)'s education.

SPEAK TO AN ADVISOR ABOUT SETTING UP AN RESP

Assumptions

Education cost projections assume an inflation rate of 2% per year.

The yearly tuition fees and room and board cost is an average of 2016/2017 preliminary data obtained from Statistics Canada. An average of undergrad and graduate degrees is used where data is available. Where data is not available then the Canadian average is used.

The Canada Education Savings Grant (CESG) is added to your RESP as 20% of your RESP contributions. CESG is available up until the end of the year of when the child turns 17. The maximum CESG that can be received annually is $500. The maximum CESG that can be received in total is $7,200.

It is assumed the current RESP amount includes CESG. The current RESP amount is assumed to have been contributed evenly from the child's birth to current age. It is assumed that the existing CESG has not gathered any interest.

Any growth from grant contributions is applied to RESP contributions.

The total sum of the RESP is calculated to the point of year end of the child's "Age starting post-secondary education."

There is a lifetime limit of $50,000 for RESP contribution. Once the $50,000 limit is reached and where the user has indicated they have "other educations savings", the RESP contributions count towards "other education savings". Where the user has specified they don't have "other education savings", but are over contributing, RESP contributions will count towards "Projected excess contributions".

RESP savings and other savings interest is compounded based on the frequency indicated by the user at the end of the frequency period.

The interest gained through other savings is taxed at a marginal tax rate of 35%.

CESG is added at the end of the year to the RESP and interest is gathered the following year.

The displayed recommended contribution amount to reach your savings goal is rounded up to the nearest dollar but the calculation for adjusted savings is based on the actual value.

This demonstration tool is presented for information purposes only. The figures are not guaranteed, as they are based on assumptions that are certain to change. There is no guarantee of future performance.

School Type

School type can include a university, college or other educational institution, including trade schools. RESP funds can also be used for post-secondary education in another country. For the purposes of this calculator, only Canadian institutions are included. To see a list of qualifying institutions, visit canada.ca.

Assumed rate of return

Projected excess contributions

This is the amount you have in excess to your RESP contribution limit. The lifetime contribution limit for each beneficiary is $50,000. To learn more about excess RESP contributions, visit Canada Revenue Agency.

Other education savings

This could include other education savings you have outside of an RESP account. Examples include non-registered savings and investments such as your chequing and savings accounts. This could also include other accounts such as your TFSA, and planned contributions from your children.

You may not always be able to contribute more, but there are ways to optimize your education savings. Consider these savings tips:

Save now. It’s never too early to start saving for your child(ren)'s education, and you can contribute to an RESP for up to 31 years – but federal government grants stop at age 17.

Get free money from the government. The Government of Canada will match 20 cents for every dollar you contribute, up to a maximum of $7,200 per child. By contributing to the limit you can take full advantage of this grant.

Review contributions yearly. Increasing your biweekly contribution by even $5 can be a real boost to your total savings.

A great gift idea. Consider encouraging family and friends to give RESP contributions as birthday and holiday gifts.

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